One of North America's largest resin distributors has a new name: Formerra L.L.C.
That's the name of the former Avient Corp. resin distribution unit that's been acquired by private equity firm HIG Capital. The $950 million all-cash deal closed Nov. 1.
Cathy Dodd, who had led the distribution business for Avient since 2020, is the new Formerra CEO. In a Nov. 2 phone interview, she said that Formerra's new owners "are excited to support and invest in us."
"We have a strong customer base and excellent commercial and technical support," she added. "There won't be any change in the day-to-day customer experience—just a logo change."
Formerra is working with suppliers to enhance their sustainable materials.
"There will be more to come in that area in the coming months," Dodd said.
She added that supply chain issues that have affected Formerra and other distributors since early 2020 are improving. "We're in a good position and will remain focused on our customers," Dodd said.